Global Automotive Lighting Market Size Was Worth USD 26.49 Billion in 2020, and Is Projected to Grow to USD 39.77 Billion by 2026

Global Automotive Lighting Market Size Was Worth USD 26.49 Billion in 2020, and Is Projected to Grow to USD 39.77 Billion by 2026

Automotive Lighting: Introduction

Lighting plays a crucial part in the car because they provide illumination, positioning, and the direction of motion of vehicles. Modern technology has made lighting more efficient and can also enhance the look of the vehicle's interior and exterior components. The lighting fixtures are placed in various places like the front back, rear, top, and interior providing security and increasing visibility in extreme weather conditions.

The Global Automotive Lighting Market Size And Forecast: 

As per Credible Markets Research, Global Automotive Lighting Market was estimated at USD 26.49 billion in the year 2020 and is expected to grow to USD 39.77 Billion by 2026. This will grow at an annual rate of 6.55 % from 2020 to 2026.

The Global Automotive Lighting Market report offers a comprehensive analysis of the market over the coming time. The report includes various segments and an analysis of the current trends and the factors playing an important role within the industry. The market dynamics are based on the drivers, constraints as well as opportunities, and challenges. The impact of these variables on the market is described. The restraints and drivers are the primary factors, while opportunities and obstacles are extrinsic aspects in the markets. The Global Automotive Lighting Market report provides an overview of the future of the market's revenues throughout the forecast time.

The Global Automotive Lighting Market Overview: 

The global market for automotive lighting was estimated at USD 26.49 billion by 2020. It is projected to grow to USD 39.77 billion by 2026. This is an increase of 6.55% over the forecast period 2021 to 2026.

The global automobile and SUV sales decreased to just 77 million units by 2020 in comparison to a record of 94.35 million in 2017. The market is predicted to see a decline in the wake of an economic slowdown in the world, as well as the rise of the coronavirus epidemic in every major economy.

Automobile manufacturers are showing a lot of desire to incorporate LED lights into their vehicles since these lights require less energy and offer longevity that is longer when compared with halogen or HID lights. Additionally, LED lights to provide robustness and durability and feature high-quality light-emitting diodes as well as being superior to other types of lighting technology.

Automobile manufacturers are working on new lighting technology and are focusing their efforts on essential lighting components, including headlights. They are forming partnerships to get ahead of the race in the market. Headlights are an important factor in providing a safe and secure environment to drive at night. For example, Volkswagen partnered with Hella to create IQ. LIGHT LED headlamps. The Touareg, a new luxury SUV, utilizes an IQ.LIGHT-LED Matrix Headlamps, which have more than 256 LEDs.

Market Trend and Dynamics of the Global Automotive Lighting Market:

Latest Trends:

High Adoption of New Technologies is a Positive Trend

The increasing adoption of modern technology is a key trend in the marketplace. Automobile manufacturers are continuously working to develop technologically advanced components that weigh less and consume less energy, and are compact in their nature. OLED, Laser Lighting, and Matrix LED Lighting are a few of the newest technologies that are emerging in the market for lighting.

The Matrix LED high-beam unit comprises 25 separate components. This lets that the Matrix LED light respond precisely to other vehicles. Since the Matrix led is linked to the sensors, it instantly is activated, deactivated, or even dims the light but doesn't cause blindness to other vehicle drivers.

For example, Nichia Corporation partnered with Infineon Technologies to create an advanced front lighting system that is comprised of sixteen thousand micro-LED matrix systems. In this model, only the signals and lights are on that are needed for the light pattern, which increases the efficiency of energy use in the system.

Driving Factors:   

Stringent Safety Norms by Government to Drive Market

A majority of drivers utilize high beam lights to increase their visibility in the dark. High beam headlights can cause an abrupt glare for the driver of a vehicle that is approaching from the opposite side. The discomfort caused by this sudden glare could result in a serious accident on the road. All ruling bodies in the world have imposed strict safety rules for automobile manufactures to include adaptive headlights on vehicles. Inadequate use of the high beam can result in severe fines for the drivers. For instance, Central Motor Vehicle Organization in India has outlined the use and construction of high beam lighting under Rule number 106. The unneeded use of high beam lights will result in a 100 INR fine for the driver.

Increasing Adoption of Advanced Lighting in Vehicles to Drive the Market

The growing use of advanced lighting in cars is expected to boost the market during the forecast time. Major OEMs are focused on the development and installation of advanced lighting systems to improve the style and visibility of their vehicles. For instance, Hella GmbH is committed to the development and installation of advanced lighting systems for vehicles. The lighting system performs functions like communicating with pedestrians in order to ensure their safety as well as to meet the requirements of the consumer.

Restraining Factors:

High Cost of LED is Restraining the Growth of the Market

Halogen, LED, and Xenon bulbs are used extensively in automobiles. In recent times, there has been an increase in the use of LED lights due to the benefits it offers, such as a longer lifespan and lower energy consumption.

However, LED lights produce plenty of heat, which is controlled by the installation of additional cooling equipment. This can, in turn, increase the cost of LED lighting and is anticipated to limit its growth in the forecast time. Sensitivity to high voltages is restricting the expansion of LED in the forecast time.

LED light bulbs to require current less than specific ratings and voltages that are higher than the threshold of the power source required by LED is likely to affect the quality of LEDs and hinder its expansion on the market.

The Key Market Segmentation of the Global Automotive Lighting Market: 

This Research Report Categorized The Global Automotive Lighting Market Based on Technology, Application, Vehicles Types, and Geographical Landscape.

Automotive Lighting Market Segmentation By Technology:

Halogen, LED, Xenon

Automotive Lighting Market Segmentation By Application:

Exterior Lighting And Interior Lighting

Automotive Lighting Market Segmentation By Vehicle Type:

Passenger Car, Light Commercial Vehicle, Bus And Truck

Automotive Lighting Market Segmentation By Geographical Landscape:

North America, Europe, Asia Pacific, South America, And the Middle East and Africa

Major Key Players in the Global Automotive Lighting Market Are:                 

  • Hella (Germany) 
  • Marelli (Italy)
  • Osram (Germany) 
  • Valeo (France)
  • Continental (Germany) 

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